# InvestMichigan! Growth Capital Fund

InvestMichigan! Growth Capital Fund is a Growth Capital based in Farmington Hills, United States.

## Overview

- **Organization type:** Growth Capital
- **Headquarters:** Farmington Hills, United States
- **Region:** North America
- **Address:** Farmington Hills, MI, United States
- **Founded:** 2006
- **Assets under management:** Approximately $250 million (Altss estimate)
- **Website:** investmichiganfund.com
- **LinkedIn:** https://www.linkedin.com/company/investmichigan-growth-capital

## Regulatory record

- **Reports private funds:** No

## About

InvestMichigan! Growth Capital Fund was launched in 2006 with a mandate from the state of Michigan to bridge the capital gap for its high-growth companies. CEO Chris Rizik, a former venture capitalist and attorney, has built the fund around a dual strategy of fund commitments and direct co-investments. The fund's structure combines a $119 million state allocation with federal New Markets Tax Credit awards and private capital. The fund's investment approach targets later-stage venture and growth equity, focusing on sectors where Michigan has natural advantages: advanced manufacturing, life sciences, and enterprise software. Portfolio holdings include more than 20 Michigan companies such as Accio Energy (a wind energy developer) and Esperion Therapeutics (a biopharma firm later acquired). Geographic scope is exclusively Michigan-based companies or those willing to relocate significant operations to the state, per the fund's public mandates. Total capital deployed has exceeded $200 million as of 2023, according to the fund's communications. The fund maintains offices in Farmington Hills and Ann Arbor. It also operates InvestMichigan! Community Capital, an affiliate focused on New Markets Tax Credit investments in low-income communities. The fund's structural differentiator is its hybrid public-private architecture: a state-anchored fund managed independently, with a mandate to generate market-rate returns while retaining capital in Michigan. This model is unusual among state-focused fund-of-funds, most of which either remain purely public or spin out entirely.

## Sectors

- Venture Capital
- Growth Equity
- Manufacturing
- Life Sciences
- Enterprise Software

## Offices

- Ann Arbor, MI, United States

## People

- Chris Rizik — CEO and Fund Manager
- David Blaszkiewicz — Chairman

## Questions

### Who runs investment decisions at InvestMichigan! Growth Capital Fund?

CEO and Fund Manager Chris Rizik leads investment decisions, with oversight from a board chaired by David Blaszkiewicz. Rizik has been with the fund since its 2006 launch.

### How is InvestMichigan! Growth Capital Fund structured?

It is a hybrid public-private fund-of-funds. About half its capital comes from a state of Michigan allocation, supplemented by federal New Markets Tax Credit awards and private investors. The fund is independently managed.

### What investment stages does the fund target?

The fund primarily targets later-stage venture capital and growth equity opportunities. It makes both fund commitments to Michigan-focused venture firms and direct co-investments in portfolio companies.

### Which sectors does InvestMichigan! prefer?

The fund focuses on advanced manufacturing, life sciences, and enterprise software—sectors with strong existing ecosystems in Michigan. It avoids real estate, oil and gas, and consumer retail.

### Does the fund only invest in Michigan companies?

Yes. By mandate, all investments must be in Michigan-based companies or firms willing to relocate a significant portion of operations to the state.

### What is InvestMichigan! Community Capital?

It is a separate affiliate that deploys New Markets Tax Credits into low-income communities, distinct from the Growth Capital Fund's venture and growth equity strategy.

### How does the fund source deal flow?

The fund sources deals through its venture capital fund relationships in Michigan, direct outreach to company founders, and partnerships with Michigan economic development organizations.

## Related profiles

- [Signia VC](https://altss.com/profile/signia-vc)
- [Sarepta Therapeutics](https://altss.com/profile/sarepta-therapeutics)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/investmichigan-growth-capital-fund

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology